Retail Industry In Hongkong Slipped For Sixteenth Consecutive Months

 

A spokesman for the HKSAR government said that the stagnation of inbound tourism and the weak employment development led to a decline in retail sales in Hongkong. However, due to the gradual stabilization of the local epidemic, the decline in retail sales in May was better than 36.1% in April.

 

 

 

In May, the total retail sales in Hongkong amounted to HK $26 billion 800 million, down 32.8% from the same period last year. The total retail sales in the first five months of this year dropped by 34.8% compared with the same period last year, and total retail sales fell by 33.9% over the same period last year. The sales volume of department stores decreased by 37.8% compared with the same period last year, and the sales of supermarkets increased by 7.3% over the same period last year.

 

The serious downturn in tourism is also an important reason for the poor retail performance: in May, the number of inbound tourists in Hongkong dropped by 99.9% compared to the same period last year, only 8139, while the number of tourists from the mainland also dropped by 99.9%, to 5670.

 

The retail sales of other commodity categories in May are as follows:

 

Sales of jewellery, watches and watches fell by 69.7% over the same period last year.

Sales of pharmaceuticals and cosmetics industry fell by 62% over the same period last year.

Sales of footwear, related products and other clothing accessories fell by 39.7% over the same period last year.

Sales of optical glasses decreased by 35.6% compared with the same period last year.

Alcohol and tobacco sales fell by 17% over the same period last year.

Chinese herbal medicine sales fell by 35.4% over the same period last year.

 

Since the turmoil of Hongkong in June of last year, many international retailers have begun to withdraw. Earlier last month, Folli Follie, a Greek jewellery brand, shut down all its stores in Hongkong and severed all its 60 employees in Hongkong.

 

In June 24th, the secret of the famous American underwear brand Victoria in Vitoria (the s Secret) closed the flagship store in Tongluowan, Hongkong, which was only 2 years old, because the tourism industry in Hongkong declined sharply, and the company suffered huge economic losses due to the new crown virus epidemic.